Appeal Over a Hefty Rs 194.73 Crore Tax Dispute Intensifies
MUMBAI (India CSR): Mahindra & Mahindra Ltd (M&M) finds itself at the center of a tax dispute storm as the Income Tax Department takes the battle to the Bombay High Court, challenging a previous tribunal’s decision that favoured the automobile giant.
M&M Faces Scrutiny from IT Department
On Tuesday, M&M disclosed that it had been notified by the Principal Commissioner of Income Tax-2 about the appeal lodged by the Income Tax Department. The appeal, made under Section 260A of the Income Tax Act, 1961, targets a prior order by the Income Tax Tribunal that had granted a reprieve to the company regarding specific disallowances and additions proposed by the IT Department.
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Details of the Disputed Amount
Mahindra & Mahindra brought to light the contested tax amount in this legal tug-of-war, revealing it to be a substantial Rs 194.73 crore.
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M&M Stands Resolute
In the backdrop of this escalating legal challenge, M&M remains unfazed. The company, in its official statement, expressed optimism about the situation. Drawing from its assessment, M&M conveyed its anticipation of a favorable resolution.
It further clarified that it doesn’t foresee this appeal making a significant dent in the company’s financial standing.
As the proceedings unfold in the Bombay High Court, all eyes are on this high-profile case, keenly watching how one of India’s premier automobile manufacturers navigates the complexities of this tax dispute.
(India CSR)
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